18 Del. Admin. Code § 502-5.0

Current through Register Vol. 28, No. 5, November 1, 2024

Section 502-5.0 - Qualifications for a Consultant's Certificate of Authority

5.1 Type license

5.1.1 Consultant's license shall be issued for the lines of life, general lines, or a combination of the two types.

A life consultant's authority shall include life, health, credit life, credit health, and variable annuity authority as defined 18 Del.C. § 1715 (a)(1), (2), (3).

5.1.2 A general lines consultant's authority shall include all lines of insurance except life, variable annuity and title as defined in 18 Del.C. § 1715.

5.1.3 The combination life and general lines consultant's authority shall include all lines of insurance except title.

5.2 Qualifications for a Delaware consultant's license

5.2.1 The applicant shall:

5.2.1.1 Meet the general licensing requirements as stated 18 Del.C. §§ 1720 and 1721.

5.2.1.2 Have been licensed as an insurance broker for the lines applied for at least two years or shall furnish evidence of special training and experience which is acceptable to the Commissioner in lieu of this requirement.

5.2.1.3 Be required to surrender any current insurance Certificate of Authority issued by this Department.

5.2.1.4 If non-resident, provide a Certificate of Qualification as a consultant from the Insurance Department of the applicant's State of Residence.

5.2.1.5 Provide a letter from an insurer or broker licensed in this State, attesting to the applicant's ability to serve as a consultant for the lines requested.

5.2.1.6 Complete an application on forms provided by the Commissioner (Application form 2A, 213 with fee of $50.00 per license).

5.2.1.7 At the Commissioner's discretion, sit for an examination conducted by the Qualification Review Board.

5.2.1.8 Applicants for consultant's license who present evidence of membership in the American College of Life Underwriters, the American College of Property and Liability Underwriters, the Society of Actuaries, the Casualty Actuarial Society, the American Academy of Actuaries or any similar organization which administers professional examinations shall be exempt from examination and/or prior license qualifications.

18 Del. Admin. Code § 502-5.0